Question

Explain the procedures you might need to follow to access the financial data and plans necessary for efficient operation of a team/ section/ division. (120-150 words)

Answer 1

Financial Information is very essential for decision making which is essential towards making a decision about business projects and day to day activities and observing and comparing with ongoing market situations, and analysing corresponding effect on the business, so In Oder to access the financial Information , we must follow a procedure which might make avail the business information on time, when needed and wherever we are to be, For this we should use the resources effectively ,   efficiently, so we should use the online mode information such quickbooks, we can avail the information from anywhere even with the mobile by just connecting with the internet,

It help to drag all financial information ontime and The accountant or Employee of the company can update the data at any time irrespective of whether in office or outside, based on the information of event or transaction of business being known, delay or lack of attendance to office as consequence not updating the accounting data is mitigated.

For efficient operation of team/section/division, they are three ways

One is we should delegate powers to one persons to oversee the functions of all of team, or section of people or

Second Appoint an officer/Department head for each department/section area, so that the responsibility of delegated work can be completed on time by taking appropriate step of Observing, monitoring, and giving Feedback.

Third Give out contract to outsource who are available 24*7 ,Make responsible for the delay and also responsible for any loss Arised due to non availability of information so that the contractor will work onetime and efficiently and effectively too and with care.